Pacific Biosciences of California (NASDAQ:PACB) Cut to Neutral at The Goldman Sachs Group

The Goldman Sachs Group cut shares of Pacific Biosciences of California (NASDAQ:PACB - Free Report) from a buy rating to a neutral rating in a research report sent to investors on Thursday, MarketBeat reports. They currently have $2.50 price target on the biotechnology company's stock, down from their previous price target of $7.00.

A number of other research firms also recently issued reports on PACB. Barclays dropped their target price on shares of Pacific Biosciences of California from $8.00 to $3.00 and set an equal weight rating on the stock in a research report on Wednesday, April 10th. UBS Group lowered their price objective on shares of Pacific Biosciences of California from $12.50 to $12.00 and set a buy rating on the stock in a report on Friday, February 16th. TD Cowen lowered their price objective on shares of Pacific Biosciences of California from $12.00 to $2.50 and set a buy rating on the stock in a report on Wednesday. StockNews.com upgraded shares of Pacific Biosciences of California to a sell rating in a report on Wednesday. Finally, Scotiabank lowered their price objective on shares of Pacific Biosciences of California from $15.00 to $8.00 and set a sector outperform rating on the stock in a report on Thursday. One analyst has rated the stock with a sell rating, six have issued a hold rating and eight have assigned a buy rating to the company's stock. Based on data from MarketBeat, the company currently has a consensus rating of Hold and an average target price of $7.77.

Pacific Biosciences of California Stock Up 4.3 %

Shares of Pacific Biosciences of California stock traded up $0.06 during trading on Thursday, reaching $1.46. 18,737,288 shares of the company traded hands, compared to its average volume of 9,748,603. The company has a debt-to-equity ratio of 1.27, a current ratio of 7.81 and a quick ratio of 7.21. Pacific Biosciences of California has a 1-year low of $1.25 and a 1-year high of $14.55. The company has a 50 day moving average price of $4.25 and a 200-day moving average price of $6.65. The firm has a market capitalization of $391.21 million, a PE ratio of -1.21 and a beta of 1.83.

Pacific Biosciences of California (NASDAQ:PACB - Get Free Report) last released its earnings results on Thursday, February 15th. The biotechnology company reported ($0.27) earnings per share (EPS) for the quarter, beating analysts' consensus estimates of ($0.29) by $0.02. Pacific Biosciences of California had a negative net margin of 152.97% and a negative return on equity of 40.23%. The company had revenue of $58.36 million for the quarter, compared to the consensus estimate of $57.96 million. During the same quarter in the previous year, the company earned ($0.35) EPS. Pacific Biosciences of California's quarterly revenue was up 113.3% compared to the same quarter last year. As a group, equities research analysts expect that Pacific Biosciences of California will post -1.01 earnings per share for the current fiscal year.

Insider Activity

In related news, insider Oene Mark Van sold 33,560 shares of the stock in a transaction dated Friday, February 16th. The shares were sold at an average price of $5.96, for a total transaction of $200,017.60. Following the completion of the transaction, the insider now owns 876,611 shares in the company, valued at $5,224,601.56. The transaction was disclosed in a document filed with the SEC, which is available through this link. In other news, Director David W. Meline acquired 40,000 shares of the business's stock in a transaction dated Wednesday, March 6th. The stock was bought at an average cost of $4.40 per share, for a total transaction of $176,000.00. Following the completion of the transaction, the director now owns 40,000 shares of the company's stock, valued at $176,000. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Oene Mark Van sold 33,560 shares of the firm's stock in a transaction that occurred on Friday, February 16th. The shares were sold at an average price of $5.96, for a total transaction of $200,017.60. Following the completion of the transaction, the insider now owns 876,611 shares of the company's stock, valued at $5,224,601.56. The disclosure for this sale can be found here. Insiders sold a total of 37,359 shares of company stock worth $218,843 over the last quarter. Insiders own 1.90% of the company's stock.

Hedge Funds Weigh In On Pacific Biosciences of California

A number of large investors have recently modified their holdings of PACB. Fairfield Bush & CO. purchased a new stake in Pacific Biosciences of California in the second quarter valued at approximately $27,000. Captrust Financial Advisors boosted its holdings in Pacific Biosciences of California by 217.2% in the second quarter. Captrust Financial Advisors now owns 6,163 shares of the biotechnology company's stock valued at $27,000 after acquiring an additional 4,220 shares in the last quarter. Comerica Bank bought a new stake in Pacific Biosciences of California in the third quarter valued at $46,000. KBC Group NV bought a new stake in Pacific Biosciences of California in the fourth quarter valued at $53,000. Finally, Kayne Anderson Rudnick Investment Management LLC bought a new stake in shares of Pacific Biosciences of California during the 3rd quarter valued at $59,000.

Pacific Biosciences of California Company Profile

Pacific Biosciences of California, Inc designs, develops, and manufactures sequencing solution to resolve genetically complex problems. The company provides sequencing systems; consumable products, including single molecule real-time (SMRT) technology; long-red sequencing; and various reagent kits designed for specific workflow, such as preparation kit to convert DNA into SMRTbell double-stranded DNA library formats, including molecular biology reagents, such as ligase, buffers, and exonucleases.